Yes Bank launches new product ‘SIMsePAY’ for money transfer through feature phones

Yes Bank launches new product ‘SIMsePAY’ for money transfer through feature phones

Private sector lender Yes Bank has launched a new digital transaction service through mobile phones named SIMsePAY, that allows any account holder to do money transfers, pay utility bills and other mobile banking services, without the need for smart phones or internet.The technology is based on

wafer-thin sticker attached to any SIM card of a telecom provider that sources information from a co-branded prepaid wallet linked to it.

iii. The service is based on a “sim-sleeve” technology, in association with Taisys Technologies, who holds global patent for the same, and has implemented the same successfully in other countries including Kenya and China.

iv. The co-branded prepaid wallet or card that can be loaded up to Rs 50,000 will be issued by Yes Bank or the co-operative banks account by the customer to carry out various types of transactions.

v. Yes Bank has launched the services with the District Co-operative Bank, Dehradun, and subsequently plans to launch pilots in Bihar, Arunachal Pradesh and Goa over the next 10 days.

vi. The product will be offered to customers in a phased manner. The first phase will involve collaboration with Co-operative and Regional Rural Banks to target those among whom adoption rates of smart phones, internet connectivity, and access to financial services (or bank accounts) is low and limited.

vii. Over the next few weeks, Yes Bank plans to tye up with various Co-operative banks across the country to facilitate a pan-India roll out of the product to existing bank customers.

YES BANK

♦ Yes Bank is India’s fifth largest private sector Bank, founded by Rana Kapoor in 2004.

♦ Headquarter: Maharashtra

♦ CEO: Rana Kapoor